The Graduated Pension Scheme is a type of retirement savings plan that offers varying levels of benefits based on the individual’s contributions and length of participation. In this scheme, participants typically contribute to the pension fund over their working years, and upon reaching retirement age, they receive pension payments based on their accumulated contributions and the scheme’s predetermined pay-out structure. The Graduated Pension Scheme aims to provide retirement income security by encouraging regular savings and ensuring a steady income stream during retirement years. It may be structured differently depending on the specific regulations and policies of the country or organisation administering the scheme.
noun a pension scheme where the benefit is calculated as a percentage of the salary of each person in the scheme a pension scheme where the benefit is calculated as a percentage of the salary of each person in the scheme
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This glossary post was last updated: 29th March 2024.
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